Logistics Holdings clarifies news report

No revenue forecast yet.

In a release, Logistics Holdings Limited refers to the announcement by the Company released on 3 April 2013 entitled “Award Of 2 Contracts Amounting To S$50.9 Million By The Housing & Development Board For Design And Build Of Upgrading Projects For G14E and G15E”. 

Subsequent to the Announcement, there was a newspaper article published in the Business Times on 4 April 2013 entitled “Logistics wins two HDB contracts worth $50.9 m” which stated that “with project durations of about two to three years, it is likely the revenue of FY2013 ending June
30 will be close to $80 – 100 million”, as compared to a revenue of $64 million for FY2012”. 

The Company would like to clarify that during a conversation by the Company’s appointed investor relations representative with the Business Times for the purposes of the BT Article, explanations were made on the possible impact of the Group’s order book on its revenue figures.

The Company did not intend to make a revenue forecast as reflected in the BT Article. 

Notwithstanding the above, the Company would like to inform shareholders that, barring any unforseen circumstances, it is cautiously confident that it will be able to achieve a revenue of at least S$80 million for the financial year ending 30 June 2013, given (i) that as at 31 March 2013, the Group’s revenue (unaudited and based on management accounts) stood at approximately S$61 million; and (ii) the expected progress of completed works that can be recognised by 30 June 2013.